Or I might have oversized the last part of the fractal and something like this happens. (see linked idea)
I'd give this a decent 40% chance of happening as this would be more bearish and we still have a CME gap sub 10k.
The fractal fits so well with the current price action
I give it a 20% chance of pulling it off just because no one will fucking expect this and that is exactly why.
Dont remember from which period I copied the pattern, dont @.
Been watching ETHUSD just before the drop to $100. That drop marked the Spring in Phase C of the Wychoff distribution for me. The pump back to $108 - $110 confirmed the pattern by forming the LPS in Phase D of the Wychoff distribution. I will look for longs after a small retrace preferably to around lower $105. Would like to see:
- Small retrace to the 50 MA...
Google Bearish Wolfe Wave and compare the pattern to the ETHUSD Chart on H4.
ETH is already due on a retrace after almost a 100% the last couple weeks.
Might give another final push to local highs or slightly above but I doubt it.
Striped diagonal lines are possible supports aswell as the fibonaci levels.
Tweet me @ZSNEEZY.
The trend based fib extension on the first bullish gartley(purple, ~june 1st till ~june 24) gave us the 50% extension/retracement on june 25/26 and the start of a smaller second bullish gartley (red, ~24 june till ~3 july). Things are looking good for a breakout on the bearish channel that started around ~june 6.
First primary targets are the 61% on the trend...